Lisa Marie Presley was in debt to the tune of millions of dollars at the end of her life, but when she died, her estate was flush with cash – to the tune of $35 million.
According to family sources… Lisa had purchased two life insurance policies, one for $25 million and one for $10 million. According to our sources, there may be a third $10 million policy, but it is unclear if it has lapsed.
What’s more surprising… According to our sources, Lisa was attempting to cash in the $25 million policy in order to pay off some of the $4 million in debts she owed. According to reports, she notified the insurance company and completed the paperwork to receive a lump sum of only $2 million. We’ve been told that there was an error in the paperwork, so the policy was never cashed in.
According to our sources, Lisa was $4 million in debt when she died… She owed the IRS $2.5 million of that. Lisa reportedly blew through $100 million during her adult life.
When the debts are paid off, there will be around $30 million to distribute (assuming the third policy expired). Lisa’s three children, Riley Keough and 14-year-old twins Finley and Harper Lockwood, were named beneficiaries and will receive equal amounts, according to reports.
Because the twins are minors, the funds will be placed in a trust. This is where a family feud begins to erupt. Lisa established a trust in 2010, naming her mother and her former business manager, Barry Siegel, as trustees, as previously reported.
Lisa amended the trust in 2016, removing Priscilla and Siegel as trustees and replacing them with her daughter Riley and son Benjamin. As previously reported, Priscilla filed legal documents on Friday, challenging the amendment’s legality. She presumably still wants to be trustee of what is now a fortune.
TMZ has prepared a documentary titled “TMZ Investigates Lisa Marie Presley: Unending Tragedy” that will reveal information about the cause of death, money, and pending custody/visitation disputes. The documentary will air tonight, January 30, at 8 p.m. on FOX.